2017 Edelman TRUST BAROMETER™- Global Results

1. 2017 Edelman Trust Barometer Global Report 1

2. Informed Public 9 years in 20+ markets Represents 13% of total global population 500 respondents in U.S. and China; 200 in all other countries Must meet 4 criteria: Ages 25-64 College educated In top 25% of household income per age group in each country Report significant media consumption and engagement in business news General Online Population 6 years in 25+ markets Ages 18+ 1,150 respondents per country All slides show General Online Population unless otherwise noted 2017 Edelman Trust Barometer Methodology 28-country global data margin of error: General Population +/-0.6% (N=32,200), Informed Public +/- 1.2% (N=6,200), Mass Population +/- 0.6% (26,000+). Country- specific data margin of error: General Population +/- 2.9 ( N=1,150), Informed Public +/- 6.9% (N = min 200, varies by country), China and U.S. +/- 4.4% (N=500), Mass Population +/- 3.0 to 3.6 (N =min 740, varies by country), half sample Global General Online Population +/- 0.8 (N=16,100). 2 17 years of data 33,000+ respondents total All fieldwork was conducted between October 13th and November 16th, 2016 Online Survey in 28 Countries Mass Population All population not including Informed Public Represents 87% of total global population

3. Trust in Retrospect 3 Rising Influence of NGOs 2001 Business Must Partner with Government to Regain Trust 2009 Fall of the Celebrity CEO 2002 Earned Media More Credible Than Advertising 2003 U.S. Companies in Europe Suffer Trust Discount 2004 Trust Shifts from “Authorities” to Peers 2005 “A Person Like Me” Emerges as Credible Spokesperson 2006 Business More Trusted Than Government and Media 2007 Young Influencers Have More Trust in Business 2008 Trust is Now an Essential Line of Business 2010 Rise of Authority Figures 2011 Fall of Government 2012 Crisis of Leadership 2013 Business to Lead the Debate for Change 2014 Trust is Essential to Innovation 2015 Trust in Crisis 2017 Growing Inequality of Trust 2016

4. 2016: The Inversion of Influence 4 Source: 2017 Edelman Trust Barometer. The Trust Index is an average of a country’s trust in the institutions of government, business, media and NGOs. Informed Public and Mass Population, 28-country global total. Mass Population 85% of population 48 Trust Index 15% of population 60 Trust Index Informed Public 12pt Gap Influence & Authority Influence Authority

5. 2017: Trust Gap Widens Source: 2017 Edelman Trust Barometer. The Trust Index is an average of a country’s trust in the institutions of government, business, media and NGOs. Informed Public and Mass Population, 25-country global total. 5 Percent trust in the four institutions of government, business, media and NGOs, 2012 to 2017 21 pts 19 pts 18 pts 53 60 60 44 48 45 2012 2016 2017 Informed Public 15pt Gap 9pt Gap A 3-point increase in the last year 12pt Gap Largest Gaps Mass Population

6. 45 Global 70 India 67 Indonesia 62 China 59 Singapore 59 UAE 52 Netherlands 50 Colombia 50 Mexico 47 Brazil 47 Canada 47 Italy 47 Malaysia 47 U.S. 45 Argentina 42 Hong Kong 41 S. Africa 41 Spain 41 Turkey 40 Australia 39 Germany 38 France 37 U.K. 36 S. Korea 36 Sweden 35 Ireland 34 Japan 34 Poland 31 Russia Trust Index Mass Population Left Behind Average trust in institutions, Informed Public vs. Mass Population The Mass Population distrusts their institutions in 20 of 28 countries Source: 2017 Edelman Trust Barometer. The Trust Index is an average of a country’s trust in the institutions of government, business, media and NGOs. Informed Public and Mass Population, 28-country global total. Mass Population Informed Public 6 60 Global 80 India 79 China 78 Indonesia 77 UAE 71 Singapore 68 U.S. 62 Canada 62 Netherlands 61 Italy 61 Mexico 57 Malaysia 57 Spain 56 France 56 U.K. 55 Colombia 54 Australia 54 Germany 53 Hong Kong 51 Argentina 51 Brazil 50 S. Korea 50 Turkey 49 Japan 49 S. Africa 47 Sweden 45 Russia 44 Ireland 43 Poland Trusters (60-100) Neutrals (50-59) Distrusters (1-49)

7. 2017: Mass Population Rejects Established Authority 7 Mass population now has influence and authority Establishment left empty-handed Influence & Authority

8. Trust in Crisis

9. How much do you trust each institution to do what is right?

10. 50% 55 53 48 42 53 52 43 41 Trust in All Four Institutions Declines Source: 2017 Edelman Trust Barometer Q11-620. Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a nine-point scale, where one means that you “do not trust them at all” and nine means that you “trust them a great deal.” (Top 4 Box, Trust) General Population, 28-country global total. 10 Percent trust in the four institutions of government, business, media and NGOs, 2016 vs. 2017 Business MediaNGOs Government Two of four institutions distrusted Neutral Trusted Distrusted -2 -1 -5 -1 20172016

11. Trust Index A World of Distrust Average trust in institutions, General Population, 2016 vs. 2017 11 47 Global 72 India 69 Indonesia 67 China 60 Singapore 60 UAE 53 Netherlands 52 Mexico 52 U.S. 50 Colombia 49 Canada 48 Brazil 48 Italy 48 Malaysia 45 Argentina 44 Hong Kong 44 Spain 43 Turkey 42 Australia 42 S. Africa 41 Germany 40 France 40 U.K. 38 S. Korea 37 Sweden 36 Ireland 35 Japan 35 Poland 34 Russia 2016 2017 50 Global 73 China 66 UAE 65 India 64 Singapore 62 Indonesia 60 Mexico 56 Canada 55 Colombia 52 Netherlands 51 Argentina 51 Malaysia 50 Brazil 49 Australia 49 Italy 49 U.S. 47 Hong Kong 46 Spain 45 S. Africa 42 Germany 42 S. Korea 42 U.K. 41 France 41 Ireland 41 Turkey 39 Russia 38 Japan 37 Sweden 35 Poland Trusters (60-100) Neutrals (50-59) Distrusters (1-49) Source: 2017 Edelman Trust Barometer. The Trust Index is an average of a country's trust in the institutions of government, business, media and NGOs. General Population, 28-country global total. 3-point decrease in the global Trust Index Trust declines in 21 of 28 countries—the broadest declines since beginning General Population tracking in 2012 2 in 3 countries are now distrusters

12. 43 43 25 29 31 31 32 32 32 33 33 39 40 40 42 42 42 44 44 45 45 47 47 48 48 54 54 65 66 67 Global28 GDP5 Turkey Ireland Poland Russia Australia Japan U.K. France Sweden S.Africa Argentina S.Korea Germany HongKong Malaysia Spain UAE Canada Colombia Mexico U.S. Brazil Italy Netherlands Singapore China India Indonesia Trust in Media Plunges to All-Time Lows Source: 2017 Edelman Trust Barometer Q11-620. [TRACKING] [MEDIA IN GENERAL] Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a nine-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal.“ (Top 4 Box, Trust) General Population, 28-country global total. GDP 5 = U.S., China, Japan, Germany, U.K. 12 Percent trust in media, and change from 2016 to 2017 Distrusted in 82% of countries 50% All-time low in 17 countries -5 -11 +3 +4+2 -8-6-1-2-60-10-10-15-5-3-6 -13 -3 -2 -5-10 -6 -4 +2-10 -3 -7-5 -5 Y-to-Y Change+− NeutralDistrust Trust

13. Distrusted in 75% of countries Trust in Government Further Evaporates Source: 2017 Edelman Trust Barometer Q11-620. [TRACKING] [GOVERNMENT IN GENERAL] Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a nine-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal.“ (Top 4 Box, Trust) General Population, 28-country global total. GDP 5 = U.S., China, Japan, Germany, U.K. 13 Percent trust in government, and change from 2016 to 2017 Declines in 14 countries 50% 41 47 15 20 24 24 25 25 28 31 32 32 33 36 37 37 37 38 40 43 44 45 47 51 51 69 71 75 75 76 Global28 GDP5 S.Africa Poland Brazil Mexico France Spain S.Korea Italy Colombia Ireland Argentina U.K. Australia Japan Malaysia Germany HongKong Canada Russia Sweden U.S. Netherlands Turkey Singapore Indonesia India UAE China 0 +8 +2 +9 +13 +100+700+1+1+3+1+1 -1 -7 -2 -2 -1 -5 -10 -9 -5 -5 -3-1 -8 -8-1 Y-to-Y Change+− NeutralDistrust Trust

14. 53 47 21 23 31 39 43 46 46 48 52 53 54 55 56 58 58 58 59 59 59 60 60 60 61 61 64 64 71 71 Global28 GDP5 Russia Sweden Japan Germany Ireland Netherlands U.K. Poland Australia Turkey France UAE S.Korea Malaysia S.Africa U.S. Canada HongKong Italy Brazil Colombia Spain China Singapore Argentina Indonesia India Mexico Trust in NGOs Declines Source: 2017 Edelman Trust Barometer Q11-620. [TRACKING] [NGOs IN GENERAL] Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a nine-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal.“ (Top 4 Box, Trust) General Population, 28-country global total. GDP 5 = U.S., China, Japan, Germany, U.K. 14 Percent trust in NGOs, and change from 2016 to 2017 Distrusted in 8 countries 50% -2 +7 -3-6 +7-6-1-100-3+1+2-2+10-2 -2 -4 -2 -3-6 -3 -4 -5-3 -3 -6-2 -4 -2 Declines in 21 countries Y-to-Y Change+− NeutralDistrust Trust NGOs less trusted than business in 11 countries

15. Business on the Brink of Distrust Source: 2017 Edelman Trust Barometer Q11-620. [TRACKING] [BUSINESS IN GENERAL] Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a nine-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal.“ (Top 4 Box, Trust) General Population, 28-country global total. GDP 5 = U.S., China, Japan, Germany, U.K. 15 Percent trust in business, and change from 2016 to 2017 Distrusted in 13 countries 50% 52 51 29 34 39 40 41 41 43 43 45 45 46 46 48 50 50 55 56 56 58 58 60 61 64 64 67 67 74 76 Global28 GDP5 S.Korea HongKong Russia Poland Ireland Japan Germany Turkey Argentina U.K. Spain Sweden Australia France Canada Italy Malaysia S.Africa Singapore U.S. Netherlands Brazil Colombia UAE China Mexico India Indonesia -4 +4 -2 -2 -4 -2 +7 +4 -3 -6 -3 -3 -9 +5 +5-4 -5-1 0-8 -1 -2+1-2 -2 +1+1 +2 -6+1 Declines in 18 countries Y-to-Y Change+− NeutralDistrust Trust

16. Source: 2017 Edelman. Trust Barometer Q130-747 Below is a list of people. In general, when forming an opinion of a company, if you heard information about a company from each person, how credible would the information be—extremely credible, very credible, somewhat credible, or not credible at all? (Top 2 Box, Very/Extremely Credible) General Population, 28-country global total, question asked of half the sample. 16 Credibility of Leadership in Crisis Percent who rate each spokesperson as very/extremely credible CEOs 37% Credible Government Officials 29% Credible

17. 37 18 23 23 24 25 26 27 27 27 28 28 28 31 34 36 38 40 40 42 43 44 48 48 51 52 55 61 70 Global 28-Country Japan France Poland S.Korea Canada Australia HongKong Ireland Netherlands Germany Italy U.K. Sweden Russia Singapore U.S. Malaysia Spain Argentina Turkey China Brazil Colombia Indonesia S.Africa UAE Mexico India All-time Low for CEO Credibility Source: 2017 Edelman. Trust Barometer Q130-747 Below is a list of people. In general, when forming an opinion of a company, if you heard information about a company from each person, how credible would the information be—extremely credible, very credible, somewhat credible, or not credible at all? (Top 2 Box, Very/Extremely Credible) General Population, 28-country global total, question asked of half the sample. GDP 5 = U.S., China, Japan, Germany, U.K. 17 Percent rate CEOs as extremely/very credible, 2016 vs. 2017 CEOs not credible in 23 countries 50% -12 -15 -8-7 -12-16-6-16-18-13-17-10-16-5-14-10 -10 -12 -11 -15-12 -13 -19 -7-9 -12 -11-12 -16 Declines in all 28 countries Y-to-Y Change+− NeutralDistrust Trust

18. The System Is Broken

19. Without Trust, Belief in the System Fails 19 How true are each of the following? Sense of Injustice Desire for Change Need forceful reformers to bring change Lack of Confidence No confidence in current leaders Lack of Hope Hard work not rewarded, children will not have a better life, country not moving in right direction System biased in favor of elites, elites indifferent to the people, getting richer than they deserve

20. How true is this for you? Sense of injustice Lack of hope Lack of confidence Desire for change 53% 32% 15% Majority Believe the System is Failing Them Source: 2017 Edelman Trust Barometer Q672-675, 678-680, 688-690. For details on how the “system failing” measure was calculated, please refer to the Technical Appendix. 20 Not at all true 9 8 7 6 5 4 3 2 1 1 in 3 are uncertain Completely true System failing System working Approximately

21. Even Those at the Top Are Disillusioned Percent who believe the system is not working Source: 2017 Edelman Trust Barometer S8. Thinking about your annual household income in 2015, which of the following categories best describes your total household income that year? S7. What is the last grade in school you completed? S9. How often do you follow public policy matters in the news? S10. How often do you follow business news and information? General Population, 28-country global total, cut by ‘system failing’ measure. For details on how the “system failing” measure was calculated, please refer to the Technical Appendix. High-Income College-Educated Well-Informed Top quartile of income College degree or higher Follow business and public policy information several times a week or more 48% 49% 51% 21

22. Trust Critical to Belief in the System Average trust in institutions 22 Source: 2017 Edelman Trust Barometer. Q11-Q14. The Trust Index is an average of a country’s trust in the institutions of government, business, media and NGOs. General Population, 28-country global total, cut by ‘the system is failing segments’. Trust differentiates those who are uncertain and those who believe the system is failing them Trust Index 55 Trust Index 55 Trust Index 41 Among those who believe the System is Working Among those who are Uncertain Among those who believe the System is Failing

23. Source: 2017 Edelman Trust Barometer Q672-675, 678-680, 688-690. For details on how the “system failing” measure was calculated, please refer to the Technical Appendix. The margin of error for the countries scores was added and subtracted from the global mean. Countries were considered above the global average if their score was higher than the global mean plus the margin of error. Countries were considered below the global average if their score was lower than the global mean minus the margin of error. All other scores were considered aligned. 23 Global France Italy Mexico S.Africa Spain Poland Brazil Colombia Germany U.K. Australia Ireland U.S. Netherlands Canada Sweden Argentina Malaysia Turkey Russia S.Korea Indonesia Japan India HongKong Singapore China UAE System failing 53 72 72 67 67 67 64 62 62 62 60 59 59 57 56 55 55 53 52 51 48 48 42 42 36 35 30 23 19 Uncertain 32 22 24 25 24 25 25 25 27 26 29 30 26 33 33 30 29 29 37 31 28 41 40 45 45 50 43 47 40 In 14 countries, the percent of population that has lost faith is above the global average Systemic loss of faith restricted to Western- style democracies1 in 2 Countries Have Lost Faith in the System Percent of population who believe the system is not working Above global average Aligned with global average Below global average

24. Fears Fuel the Fire

25. The Cycle of Fear and Distrust 25

26. Corruption Globalization Eroding Social Values Immigration Pace of Innovation Widespread corruption Compromising the safety of our citizens Makes it difficult to institute the changes necessary to solve our problems Protect our jobs from foreign competition Foreign companies/influence damaging our economy/ national culture Foreign corporations favor their home country Most countries cannot be trusted to engage in fair trade practices Values that made this country great are disappearing Society changing too quickly and not in ways that benefit people like me Influx of people from other countries damaging our economy and national culture Technological innovations happening too quickly and leading to changes not good for people like me Concerns Have Become Fears Source: 2017 Edelman Trust Barometer. Corruption Q685-687, Globalization Q681-684, Eroding social values Q676 and Q758, Immigration Q685, Pace of innovation Q677. For details on how the societal fears were measured, please refer to the Technical Appendix. 26 Percent of respondents who are concerned or fearful regarding each issue 69% Concerned 40% Fearful 55% Concerned 28% Fearful 56% Concerned 25% Fearful 62% Concerned 27% Fearful 51% Concerned 22% Fearful

27. Source: 2017 Edelman Trust Barometer. Corruption Q685-687, Globalization Q681-684, Eroding social values Q676 and Q758, Immigration Q685, Pace of innovation Q677. System is failing: Q672-675, 678-680, 688-690. For details on how the societal fears and the “system failing” measure were calculated, please refer to the Technical Appendix. 27 Fears Further Erode Belief in the System Percent of respondents with various fears who also believe the system has failed them When fears collide with a belief that the system is failing, conditions are ripe for populist action Corruption Globalization Eroding Social Values Immigration Pace of Innovation 77 79 83 72 68

28. Systemic Distrust and Fear Trigger Action Source: 2017 Edelman Trust Barometer. Corruption Q685-687, Globalization Q681-684, Eroding social values Q676 and Q758, Immigration Q685, Pace of innovation Q677. System is failing: Q672-675, 678-680, 688-690. For details on how the societal fears and the “system failing” measure were calculated, please refer to the Technical Appendix. The margin of error for the countries scores was added and subtracted from the global mean. Countries were considered above the global average if their score was higher than the global mean plus the margin of error. 28 % Who Agree System is Failing 53 72 72 67 67 67 64 62 62 62 60 59 59 57 56 55 55 53 52 51 48 48 42 42 36 35 30 23 19 Global France Italy Mexico S.Africa Spain Poland Brazil Colombia Germany U.K. Australia Ireland U.S. Netherlands Canada Sweden Argentina Malaysia Turkey Russia S.Korea Indonesia Japan India HongKong Singapore China UAE Above-Average Level of Fear Above-Average Belief the System is Failing Countries with Multiple Fears and Failing System 10 countries with above- average belief the system is failing and multiple fears 4 countries with above- average belief the system is failing – but lack multiple fears Corruption Immigration Globalization Eroding social values Pace of change

29. 11 34 A Case in Point: U.S. 29 Trust Barometer Supplement: Post-U.S. Election Flash Poll, 1,000+ General Population Respondents, Nov. 28 to Dec. 11, 2016 Trump Voters Clinton Voters 25 42 67% are fearful 45% are fearful Source: 2017 Edelman Trust U.S. Flash Poll Q14. Who did you vote for? Audience: U.S. General Population, grouped by “system failing” segments and level of fear from the Trust Barometer. For details on how systemic distrust and societal fears were measured, please refer to the Technical Appendix. Respondents were labeled as “fearful” if they were fearful of at least one of the following societal issues: corruption, immigration, globalization, eroding social values, and pace of innovation. System Failing and Fearful Fearful

30. 7 20 A Case in Point: U.K. 30 Trust Barometer Supplement: UK Supplement, 1,150 General Population Respondents, December 23, 2016 to January, 7 2017 Leave the EU Remain in the EU 54% are fearful 27% are fearful Source: 2017 UK Trust Supplement Q15. Did you vote…? Audience: UK General Population, grouped by ‘system failing’ segments and level of fear from the Trust Barometer. For details on how the societal fears and the “system failing” measure were calculated, please refer to the Technical Appendix. Respondents were labeled as ‘fearful’ if they were fearful of at least one of the following societal issues: corruption, immigration, globalization, eroding social values, and pace of innovation. System Failing and Fearful Fearful LEAVE 10 44

31. The Echo Chamber

32. Echo Chamber Amplifies Fears and Accelerates the Cycle 32

33. 33 The Echo Chamber in Action Facts matter less Bias is the filter No humans needed 1 in 2 agree “I would support politicians I trust to make things better for me and my family even if they exaggerated the truth” 53% Do not regularly listen to people or organizations with whom they often disagree Nearly 4x more likely to ignore information that supports a position they do not believe in More likely to believe 59% Search Engines 41% Human Editors 53%52% Never or rarely change their position on important social issues Source: 2017 Edelman Trust Barometer Q709-718. For each of the statements below, please indicate how much you agree or disagree. (Top 4 Box, Agree) Q755 Have you ever changed your position on an important social issue? (Sum of “Yes, but rarely,” “No, never”) General Population, 28-country global total. Q749. When someone you know provides you with some information that supports a position that you do NOT believe, which of following do you typically do with it? Q752. How often do you read or listen to information or points of view from people, media sources or organizations with whom you often disagree? (Sum of “Never,” “Almost Never,” “Several Times a year,” “Once or Twice a Month”) Q754. You are about to see a series of two choices. Each choice describes a different source of information, a different format for presenting information, or a different style of communicating information. For each pair, we want you to choose the one that you are more likely to believe is giving you the truth. While we know that some of these choices may not be easy, please do your best to select only one of the two options given--the one that is most likely to be true most often. General Population, 28-country global total, question asked of half the sample. Nearly

34. 43 2012 2017 Search engines* 61 64 Traditional media 62 57 Online-only media** 46 51 Owned media 41 43 Social media 44 41 Media as an institution 46 43 57 51 41 64 2012 2013 2014 2015 2016 2017 Traditional Media Shows Steepest Decline Source: 2017 Edelman Trust Barometer Q178-182. When looking for general news and information, how much would you trust each type of source for general news and information? Please use a nine-point scale where one means that you “do not trust it at all” and nine means that you “trust it a great deal.” (Top 4 Box, Trust) General Population, 25-country global total, question asked of half the sample. *From 2012-2015, “Online Search Engines” were included as a media type. In 2016, this was changed to “Search Engines.” **From 2012-2015, “Hybrid Media” was included as a media type. In 2016, this was changed to “Online-Only media.” Percent trust in each source for general news and information 34 Change, 2012 - 2017 +3 -5 +5 +2 -3 -3 Owned media now as trusted as media as an institution Traditional media down 5 points 43

35. Source: 2017 Edelman Trust Barometer Q754. You are about to see a series of two choices. Each choice describes a different source of information, a different format for presenting information, or a different style of communicating information. For each pair, we want you to choose the one that you are more likely to believe is giving you the truth. While we know that some of these choices may not be easy, please do your best to select only one of the two options given--the one that is most likely to be true most often. General Population, 28-country global total, choices shown to half the sample. 35 Official Sources Are Suspect Percent who find each source more believable than its pair 55% Individuals 45% Institutions 71% Reformer 29% Preserver of Status Quo 64% Leaked Information 36% Company Press Statements

36. 1 60 60 60 48 46 43 37 35 29 Apersonlike yourself Technical expert Academic expert Employee Financial industry analyst NGO representative CEO Boardof directors Government official/ regulator Peers Now as Credible as Experts Source: 2017 Edelman. Trust Barometer Q130-747 Below is a list of people. In general, when forming an opinion of a company, if you heard information about a company from each person, how credible would the information be—extremely credible, very credible, somewhat credible, or not credible at all? (Top 2 Box, Very/Extremely Credible) General Population, 28-country global total, question asked of half the sample. 36 Percent who rate each spokesperson as extremely/very credible, and change from 2016 to 2017 CEO credibility decreased the most, dropping to an all-time low -7 -5 “People in this country have had enough of experts.” – Michael Gove, Member of Parliament, U.K. A person like yourself now tied for most credible spokesperson -3 -7 -5 -4 -7 -5 -12 -10 -6 Y-to-Y Change+−

37. Business on Notice

38. Business Plays a Role in Stoking Societal Fears Source: 2017 Edelman Trust Barometer Q693-762. Some people say they worry about many things while others say they have few concerns. We are interested in what you worry about. Specifically, how much do you worry about each of the following? Please indicate your answer using a nine point scale where one means “I do not worry about this at all” and nine means “I am extremely worried about this”. (Top 4 Box, Worried) Q709-718. For each of the statements below, please indicate how much you agree or disagree. (Top 4 Box, Agree) General Population, 28-country global total. Q349-671. For the statements below, please think about the pace of development and change and select the response that most accurately represents your opinion. (Top 4 Box, Too Fast) General Population, 28-country global total, question asked of half the sample. 38 Global population worries about losing their jobs due to: 50% globalization is taking us in the wrong direction 53% the pace of change in business and industry is too fast 54% 55% 58% 60% 60% Automation Jobs moving to cheaper markets Immigrants who work for less Foreign competitors Lack of training/skills

39. Support for Anti-Business Policies Source: 2017 Edelman. Trust Barometer Q709-718 For each of the statements below, please indicate how much you agree or disagree. (Top 4 Box, Agree) General Population, 28-country global total. 39 Nearly 1in2 agree 69%agree 72%agree Protectionism Slower Growth “The government should protect our jobs and local industries, even if it means that our economy grows more slowly.” “We need to prioritize the interests of our country over those of the rest of the world.” “We should not enter into free trade agreements because they hurt our country’s workers.” Protectionism

40. License to Operate at Risk Source: 2017 Edelman Trust Barometer Q667-670. For each of the statements below, please indicate how much you agree or disagree. (Top 4 Box, Agree) Q661- 664. For each of the statements below, please indicate how much you agree or disagree. (Top 4 Box, Agree) Q658. For the statement below, please indicate how much you agree or disagree. (All respondents except Top 4 Box, Agree) General Population, 28-country global total, question asked of one-fifth the sample. 40 82%agree that the pharmaceutical industry needs more regulations 70%agree that policy makers should tax foods that negatively impact health 53%do not agree that financial market reforms have increased economic stability Regulation ReformTax Policy

41. 41 Business Expected to Lead Source: 2017 Edelman Trust Barometer Q249-757. Please indicate how much you agree or disagree with the following statements. (Top 4 Box, Agree). General Population, 28-country global total, question asked of half the sample. . 75% agree “A company can take specific actions that both increase profits and improve the economic and social conditions in the community where it operates.”

42. Business Must Act

43. 43 Most Trusted Business is the most trusted among the 1 in 3 who are uncertain about the system The Last Retaining Wall: Business Most Trusted by the Uncertain Source: 2017 Edelman Trust Barometer Q11-620. Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust) General Population, 28- country global total, cut by “the system is failing’ segments. Q672-675, 678-680, 688-690. For details on how the “system failing” measure was calculated, please refer to the Technical Appendix. NeutralDistrust Trust % trust in each institution Among those who believe the System is Working Among those who are Uncertain Among those who believe the System is Failing Most Trusted Most Trusted NGOs 51 57 52 Business 47 58 58 Media 37 50 47 Government 29 53 62

44. Source: 2017 Edelman Trust Barometer. Q732. What can businesses do that would cause the most damage to your trust in a better future? (Please select up to five.) General Population, 28-country global total, question asked of half the sample. 44 First, Do No Harm Actions business can take that would most damage trust in a better future (top 5 most-selected) 1. Pay bribes to government officials to win contracts 2. Pay executives hundreds of times more than workers 3. Move profits to other countries to avoid taxes 4. Overcharge for products that people need to live 5. Reduce costs by lowering product quality

45. When the System is Failing, Companies Must Do More Source: 2017 Edelman Trust Barometer Q80-639. How important is each of the following attributes to building your TRUST in a company? Use a 9-point scale where one means that attribute is “not at all important to building your trust” and nine means it is “extremely important to building your trust” in a company. (Top 2 Box, Importance) Data displayed is mean Top 2 Box rating for the listed items. Items were included if they were considered important by 50% or more of those who believe the system is failing. General Population and cut by “the system is failing segments”, 28-country global total. Q672-675, 678-680, 688-690. For details on how the “system failing” measure was calculated, please refer to the Technical Appendix. 45 Percent who rate each attribute as important in building trust in a company (top 5 most important shown) 56 56 58 59 62 65 66 67 68 72 Ethical business practices Pays its fair share of taxes Listens to customers Offers high-quality products/services Treats employees well Among those who have lost faith in the system, expectations are higher across the board On average +9pts higher expectations System Failing General Population

46. Source: 2017 Edelman Trust Barometer 46 And Do Things Differently Identify the business need Assess need relative to economic and societal fear(s) 1 Learn without bias 2 Provide context Advocate Act 3 Engage openly

47. Partnerships/ programs to address societal issues Business practices/ crisis handling Financial earnings & operational performance Employees Most Credible Source: 2017 Edelman Trust Barometer Q610. Who do you trust MOST to provide you with credible and honest information about a company's financial earnings and operational performance, and top leadership’s accomplishments? Q611. A company’s business practices, both positive and negative, and its handling of a crisis? Q612. A company’s employee programs, benefits and working conditions, and how a company serves its customers and prioritizes customer needs ahead of company profits? Q613. A company’s partnerships with NGOs and effort to address societal issues, including those to positively impact the local community? Q614. A company’s innovation efforts and new product development? Q615. A company’s stand on issues related to the industry in which it operates? General Population, 28-country global total, question asked of one-quarter of the sample. 47 Most trusted spokesperson to communicate each topic Innovation effortsTreatment of employees/customers Views on industry issues Company CEO Senior executive Employee Activist consumer Academic Media spokesperson 17 20 21 24 26 2121 22 23 31 26 23 53 38 37 33 32 30 28 29 29 25 22 29 16 22 22 21 23 22 9 9 11 11 13 14

48. Which is more believable? Talk With, Not At 48 Source: 2017 Edelman Trust Barometer Q754. You are about to see a series of two choices. Each choice describes a different source of information, a different format for presenting information, or a different style of communicating information. For each pair, we want you to choose the one that you are more likely to believe is giving you the truth. While we know that some of these choices may not be easy, please do your best to select only one of the two options given-the one that is most likely to be true most often. General Population, 28-country global total, choices shown to half the sample. 51% Personal experience 49% Data 57% Spontaneous speaker 43% Rehearsed speaker 54% Blunt and outspoken 46% Diplomatic and polite 62% Company’s social media 38% Advertising

49. With the People, Not For the People

50. A Fundamental Shift 50 Current Tension Old Model: For the People New Model: With the People Elites manage institutions to do things “for” the people Influence has shifted to the people; people using influence to reject established authority Institutions working with the people; institutional silos dissolved Influence & Authority Influence & Authority Influence & Authority

51. With the People: The New Integrated Operating Model 51

52. Thank You 1

53. Technical Appendix 2017 Edelman Trust Barometer

54. 1. Why Edelman studies trust 2. The trust-building attributes 3. Methodology 4. The sample 5. How we measured: belief that the system is failing 6. How we measured: societal and economic fears 7. About the research team 8. About the social policy team Table of Contents 54 2017 Edelman Trust Barometer Technical Appendix

55. Why Edelman Studies Trust 55 In modern society, we delegate important aspects of our well-being to the four institutions of business (economic well-being), government (national security and public policy), media (information and knowledge) and NGOs (social causes and issues). In order to feel safe delegating important aspects of our lives and well-being to others, we need to trust them to act with integrity and with our best interests in mind. Trust, therefore, is at the heart of an individual’s relationship with an institution and, by association, its leadership. If trust in these institutions breaks down, we begin to fear that we are no longer in safe, reliable hands. Without trust, the fabric of society can unravel to the detriment of all. From an institutional standpoint, trust is a forward-looking metric. Unlike reputation, which is based on an organization’s historical behavior, trust is a predictor of whether stakeholders will find you credible in the future, will embrace new innovations you introduce and will enthusiastically support you. For these reasons, trust is a valuable asset for all institutions, and ongoing trust-building activities should be one of the most important strategic priorities for every organization. The Trust-Building Attributes Each year, we ask respondents to rate the importance of a series of attributes in building trust in a company, and how well companies are performing against them. These can be grouped into five clusters: Integrity, Engagement, Products, Purpose and Operations. These original 16 trust-building attributes are shown on the next slide. In 2017, we explored additional dimensions to building trust in a company. These new dimensions fall into five areas, shown on the following slide: Employee Engagement, Diversity, Citizenship, Leadership and Relationship-Building.

56. Integrity 56 39 17 Has ethical business practices 56 40 16 Takes responsible actions to address an issue or a crisis 55 39 16 Has transparent and open business practices 55 39 16 Engagement 56 40 16 Treats employees well 62 43 19 Listens to customer needs and feedback 58 41 17 Places customers ahead of profits 55 38 17 Communicates frequently and honestly on the state of its business 52 37 15 Products 51 41 10 Offers high quality products or services 59 44 15 Is an innovator of new products, services or ideas 44 39 5 Purpose 45 34 11 Works to protect and improve the environment 52 38 14 Creates programs that positively impact the local community 46 36 10 Addresses society's needs in its everyday business 46 35 11 Partners with NGOs, government and third parties to address societal issues 37 30 7 Operations 40 34 6 Has highly-regarded and widely admired top leadership 42 34 8 Ranks on A global list of top companies, such as best to work for or most admired 38 34 4 Delivers consistent financial returns to investors 38 34 4 The Trust-building Attributes Company Importance vs. Performance % Performance % Importance Gap 56 Source: 2017 Edelman Trust Barometer Q80-95. How important is each of the following attributes to building your TRUST in a company? Use a 9-point scale where one means that attribute is “not at all important to building your trust” and nine means it is “extremely important to building your trust” in a company. (Top 2 Box, Importance) Q114-129. Please rate businesses in general on how well you think they are performing on each of the following attributes. Use a 9- point scale where one means they are "performing extremely poorly" and nine means they are "performing extremely well". (Top 2 Box, Performance) General Population, 28- country global total.

57. Employee Empowerment 40 31 9 Empowers its employees to make decisions 41 32 9 Regular employees have a lot of influence in how the company is run 37 30 7 Supports employees joining worker’s/trade unions or other organizations that represent their interests 42 31 11 Diversity 37 31 6 Has a lot of ethnic diversity within its management team 34 30 4 Has a lot of gender diversity within its management team 36 30 6 Has a lot of diversity when it comes to attitudes, values and points of view within its management team 40 32 8 Citizenship 50 38 12 It creates many new jobs 47 38 9 The profits it makes in this country stay in this country 46 36 10 Pays its fair share of taxes 56 41 15 Leadership 38 31 7 The CEO gets personally involved in societal issues 39 31 8 The CEO is compensated based on the ability to produce sustainable, long-term growth 40 33 7 I know who the CEO is and what he or she stands for 36 29 7 Relationship Building 42 33 9 Invites the public to contribute to and help shape their products, services or policies 40 32 8 Has a public image or heritage that I can appreciate and relate to 42 34 8 Actively encourages and facilitates conversations and interactions with the public 43 34 9 Additional Dimensions that Inform Business Trust Company Importance vs. Performance % Performance % Importance Gap 57 Source: 2017 Edelman Trust Barometer Q625-639. How important is each of the following attributes to building your TRUST in a company? Use a 9-point scale where one means that attribute is “not at all important to building your trust” and nine means it is “extremely important to building your trust” in a company. (Top 2 Box, Importance) Q640-654. Please rate businesses in general on how well you think they are performing on each of the following attributes. Use a 9- point scale where one means they are "performing extremely poorly" and nine means they are "performing extremely well". (Top 2 Box, Performance) General Population, 28- country global total.

58. Informed Public 9 years in 20+ markets Represents 13% of total global population 500 respondents in U.S. and China; 200 in all other countries Must meet 4 criteria: Ages 25-64 College educated In top 25% of household income per age group in each country Report significant media consumption and engagement in business news General Online Population 6 years in 25+ markets Ages 18+ 1,150 respondents per country All slides show General Online Population unless otherwise noted Methodology 28-country global data margin of error: General Population +/-0.6% (N=32,200), Informed Public +/- 1.2% (N=6,200), Mass Population +/- 0.6% (26,000+). Country- specific data margin of error: General Population +/- 2.9 ( N=1,150), Informed Public +/- 6.9% (N = min 200, varies by country), China and U.S. +/- 4.4% (N=500), Mass Population +/- 3.0 to 3.6 (N =min 740, varies by country), half sample Global General Online Population +/- 0.8 (N=16,100). 58 2017 Edelman Trust Barometer 17 years of data 33,000+ respondents total All fieldwork was conducted between October 13th and November 16th, 2016 Online Survey in 28 Countries Mass Population All population not including Informed Public Represents 87% of total global population

59. Sample Size, Quotas and Margin of Error 59 2017 Edelman Trust Barometer General Population Informed Public Sample Size Quotas Set On* Margin of Error Sample Size** Quotas Set On*** Margin of Error Global 32,200 Age, Gender, Region +/- 0.6% total sample +/- .08% split sample 6,200 Age, Education, Gender, Income +/- 1.2% total sample +/- 1.8% split sample China and U.S. 1,150 Age, Gender, Region +/- 2.6% total sample +/- 4.1% split sample 500 Age, Education, Gender, Income +/- 4.4% total sample +/- 6.2% split sample All other countries 1,150 Age, Gender, Region +/- 2.6% total sample +/- 4.1% split sample 200 Age, Education, Gender, Income +/- 6.9% total sample +/- 9.8% split sample * In U.S., U.K. and UAE, there were additional quotas on ethnicity. ** Some questions were asked of only half of the sample. Please refer to the footnotes on each slide for details. *** In the UAE there was an additional quota on ethnicity.

60. Languages and Internet Penetration by Country The Edelman Trust Barometer is an online survey. In developed countries, a nationally representative online sample closely mirrors the general population. In countries with lower levels of Internet penetration, a nationally-representative online sample will be more affluent, educated, and urban than the general population. 60 Languages Internet Penetration* Global - 50% Argentina Localized Spanish 79% Australia English 92% Brazil Portuguese 68% Canada English & French Canadian 93% China Simplified Chinese 52% Colombia Localized Spanish 59% France French 84% Germany German 88% Hong Kong English & Traditional Chinese 80% *Data source: http://www.internet worldstats.com/stats.htm. Languages Internet Penetration* India Hindi & English 37% Indonesia Indonesian 51% Ireland English 83% Italy Italian 62% Japan Japanese 91% Malaysia Malay 68% Mexico Localized Spanish 56% Netherlands Dutch & English 96% Poland Polish 68% Russia Russian 71% Languages Internet Penetration* Singapore English & Simplified Chinese 81% South Africa English & Afrikaans 53% South Korea Korean 92% Spain Spanish 77% Sweden Swedish & English 95% Turkey Turkish 60% UAE Arabic & English 92% U.K. English 92% U.S. English 89% 2017 Edelman Trust Barometer

61. How Did We Measure if People Believed the System is Failing Them? Four dimensions were examined to determine whether or not respondents believe the system is failing them: 1) A sense of injustice stemming from the perception that society’s elites have co-opted the system to their own advantage at the expense of regular people, 2) A lack of hope that the future will be better for you and your family, 3) A lack of confidence in the leaders of societal institutions to solve the country’s problems, and 4) A desire for forceful reformers in positions of power that are capable of bring about much-needed change. 61 For each one, please rate how true you believe that statement is using a nine- point scale where one means it is “not at all true” and nine means it is “completely true”. Sense of Injustice Items “The elites who run our institutions are out of touch with regular people” Q678 “The elites who run our institutions are indifferent to the will of the people” Q672 “As regular people struggle just to pay their bills, the elites are getting richer than they deserve” Q673 “The system is biased against regular people and in favor of the rich and powerful” Q674 Lack of Hope Items “My hard work will be rewarded” (reverse scored) Q688 “My children will have a better life than I do” (reverse scored) Q689 “The country is moving in the right direction” (reverse scored) Q690 Lack of Confidence Items “I do not have confidence that our current leaders will be able to address our country’s challenges” Q680 Desire for Change Items “We need forceful reformers in positions of power to bring about much-needed change” Q679 Respondents were asked:

62. How Did We Categorize People Based on Their Perceptions of the System? 62 Overall system perception scores were calculated by taking the average of the nine item scores. Respondents were categorized into one of three segments based their mean score: • Those who averaged 6.00 or higher believe the system is failing them • Those who averaged between 5.00 and 5.99 were labelled as uncertain • Those who averaged less than 5.00 believe the system is working System is failing Uncertain System is working Not at all trueCompletely true 9 8 7 6 5 4 3 2 1

63. How Reliable is the System Failing Measure? 63 Country General Population Alpha Reliability Japan 0.76 Malaysia 0.75 Mexico 0.68 Netherlands 0.82 Poland 0.74 Russia 0.80 Singapore 0.77 South Africa 0.71 South Korea 0.75 Spain 0.81 Sweden 0.79 Turkey 0.80 UAE 0.77 U.K. 0.79 U.S. 0.73 Country General Population Alpha Reliability Global Average 0.77 Argentina 0.77 Australia 0.79 Brazil 0.67 Canada 0.79 China 0.76 Colombia 0.66 France 0.81 Germany 0.83 Hong Kong 0.72 India 0.76 Indonesia 0.79 Ireland 0.78 Italy 0.79 Alpha Reliability analyses were performed globally and within each of the 28 countries. Results indicated that the scale was reliable in every market and that all of the items tap into different aspects of the same underlying construct. Note: Alpha levels above .6 are considered to indicate good internal reliability.

64. In the 2017 Edelman Trust Barometer study we measured five societal fears as defined below. Respondents rated how true each statement is using a nine-point scale where one means it is “not at all true” and nine mean it is “completely true.” Corruption Items Globalization Items Eroding Social Values Items Immigration Item Pace Of Innovation Item Widespread corruption: Compromising the safety of our citizens (Q686) Makes it difficult to institute the changes necessary to solve our problems (Q687) Protect our jobs from foreign competition (Q681) Foreign companies/influence damaging our economy/ national culture (Q682) Foreign corporations favor their home country (Q683) Most countries cannot be trusted to engage in fair trade practices (Q684) Values that made this country great disappearing (Q676) Society changing too quickly and not in ways that benefit people like me (Q758) Influx of people from other countries damaging our economy and national culture (Q685) Technological innovations happening too quickly and leading to changes that not good for people like me (Q677) Scale Scoring: Concerned = % who gave Top- four box response to both items. Fearful = % who gave Top-two box response to both items. Scale Scoring: Concerned = % who gave Top- four box response to 3+ items. Fearful = % who gave Top-two box response to 3+ items. Scale Scoring: Concerned = % who gave Top- four box response to both items. Fearful = % who gave Top-two box response to both items Scale Scoring: Concerned = % who gave Top- four box response to item. Fearful = % who gave Top-two box response to item. Scale Scoring: Concerned = % who gave Top- four box response to item. Fearful = % who gave Top-two box response to item. Societal Fears Subscales in Detail 64

65. 65 Antoine Harary Antoine is the global MD of Edelman Intelligence. With his team of over 150 intelligence experts, he manages international research and consulting projects across more than 50 countries. Over the last four years his work has been recognized by two major awards from the Communications Industry: the 2011 EMEA Sabre Award for best public affairs campaign and the 2012 European Excellence award for PR measurement. Before joining Edelman, Antoine worked in the automotive industry (PSA PEUGEOT CITROEN) as a senior research manager. Antoine holds two Masters Degrees: International PR from CELSA/Sorbonne and Political Sciences from Sciences Po Aix. David M. Bersoff, Ph.D. David is in charge of Edelman’s global thought leadership research. Before joining Edelman Intelligence, Dr. Bersoff served as The Futures Company’s Chief Insights Officer. In that role, he drove the research, data analysis, IP creation and product development strategy for all of their syndicated consumer insights offers, including the Yankelovich MONITOR. David holds a Ph.D. in social and cross-cultural psychology from Yale University. Sarah Adkins Sarah leads the operations side of all IP projects at Edelman Intelligence. Prior to joining the EI team, Sarah spent 8 years at Nielsen (formerly Harris Interactive), designing surveys, overseeing all parts of the project management process, conducting data analysis and working closely with clients from all industries. She has 16+ years of experience in market research, with more than half of that spent in the brand and communications industry. Sarah graduated from Fredonia State University with a bachelors degree in business administration, specializing in marketing and communications. The Research Team: Edelman Intelligence Edelman Intelligence is a world class research and analytics consultancy. It works to understand the mechanics of human attitudes and behavior, organize and analyze content and conversations, and uncover connections and patterns in complex data sets. The team is made up of experts from different backgrounds with different skillsets. This allows Edelman Intelligence to approach challenges in a unique way – taking different perspectives to find the best solutions to help drive growth for its clients.

66. 66 Steve Schmidt As Vice-Chairman of Public Affairs at Edelman, Steve is a strategic counselor to chief executive officers and senior decision makers at global corporations, professional sports franchises, non-profit organizations and academic institutions. Previously, he served as a top strategist to President George W. Bush’s 2004 re-election and as Deputy Assistant to the President and Counselor to the Vice President. During his tenure with the Administration, Steve played a leading role in the confirmations of Chief Justice John Roberts and Justice Samuel Alito to the United States Supreme Court. In 2006, Steve left the White House to lead the successful re-election of California Governor Arnold Schwarzenegger and subsequently served as a senior advisor to Senator John McCain’s presidential campaign. Steve is a graduate of the University of Delaware and a Senior Fellow at the school’s Center for Political Communication. Stephanie Lvovich Stephanie Lvovich is the global chair of public affairs at Edelman. She has more than 23 years of public affairs and political research experience and specializes in multi-market issue advocacy and corporate positioning including issue-based communications, issue advocacy, and trade association creation, strategy and management. Her client experience focuses on the FMCG businesses and includes Mars, the World Trade Organisation, Unilever, the Coca-Cola Company, Mead Johnson Nutrition, Danone Group, Danone Baby Nutrition, and others. Prior to joining Edelman, Stephanie worked for APCO Worldwide in London for nearly nine years where she built and managed APCO Worldwide’s global Food & Consumer Products practice internationally as well as the firm’s new business function for Europe, Middle East, Africa and India. Stephanie has authored articles in the field of international public affairs and corporate reputation and was honoured by HRH Queen Elizabeth in 2003 as a Pioneer to the Life of the Nation. She is also an active presenter and moderator at international conferences. The Social Policy Team Edelman's Public Affairs practice uses stakeholder opinion insights, deep issue analysis, creative storytelling and digital campaigning to create a positive environment for public engagement and help shape better policy outcomes. The team has a deep and sophisticated understanding of global politics. Several Edelman Public Affairs experts provided expertise and served as advisors on the development of our model of Populist Action. Gustavo Bonifaz Gustavo is a Senior Account Manager in Edelman’s Public Affairs practice, specialising in comparative global politics and policy analysis. Gustavo is a researcher on the Edge global model for the practice of Public Affairs. Prior to joining Edelman Gustavo earned a PhD in Political Science at the London School of Economics, where he also obtained a Msc. In Comparative Politics (Latin America). Kristin Heume Kristin is the global public affairs team’s global development manager. She designs and delivers multi-market advocacy and engagement strategies, and advises clients on business-critical issues. Prior to joining Edelman, Kristin worked at APCO Worldwide where she focused on issues and crisis counsel as well as managing multi-market campaigns in the aviation, food, tourism and international public sectors. Kristin holds a double Master’s degree in Global Media and Communications from the London School of Economics (MSc) and the University of Southern California (MA), as well as a Bachelor of Arts in European Studies and Economics from the University of Osnabrück, Germany, with a stint at Aarhus University, Denmark.

2017 Edelman TRUST BAROMETER™- Global Results

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2017 Edelman TRUST BAROMETER™- Global Results

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